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binancecoin
BNB (BINANCECOIN)
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bonk
Bonk (BONK)
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bitcoin
Bitcoin (BITCOIN)
$112,717 -0.19%
ethereum
Ethereum (ETHEREUM)
$4,174 -0.15%
binancecoin
BNB (BINANCECOIN)
$1,013 1.04%
solana
Solana (SOLANA)
$217.73 -1.59%
ripple
XRP (RIPPLE)
$2.87 0.06%
shiba-inu
Shiba Inu (SHIBA-INU)
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pepe
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Bonk (BONK)
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Mantle Price Prediction: MNT Eyes $2 After Breaching Resistance

Highlights:

  • Mantle is currently pushing higher after pushing through $1.77 resistance
  • Continuation of the rally could see MNT hit $2 soon
  • Rally driven by a series of positive news around Mantle 

Mantle (MNT) is one of the top-performing cryptocurrencies among the large caps in the last 24 hours. In this period, Mantle has rallied by 11.53% to trade at $1.80 at the time of writing. Mantle trading volumes are also on the rise. In the last 24 hours, Mantle trading volumes have shot up by 54.1% to stand at $596.9 million. 

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Such a surge in volumes alongside a rising price is an indicator that investors are buying Mantle, expecting it to rise even further. That’s despite its strong price action in the last 24 hours. There are a couple of factors that are driving the bullish momentum around Mantle and could trigger a parabolic price move in the short to medium term.

Mantle Implements A Series Of Important Network Upgrades

One of the factors that is driving the excitement around Mantle is its latest round of technical upgrades. Mantle recently transitioned its network architecture to zero-knowledge rollup. This is a big deal as it is set to enhance network scalability and drastically cut down on withdrawal times. All this while also significantly enhancing Mantle’s network security.

Besides the fact that the change has made Mantle technically better, it has also made it has also improved its standing in the market. With the shift to Zero Knowledge, Mantle is now the largest ZK rollup by TVL. This is a factor that could push new investors into Mantle and help drive the price to new highs in the short to medium term. 

Strategic Partnerships Boosting MNT Price

Besides the technical improvements driving confidence in Mantle as an investment, Mantle has recently gotten itself some strategic partnerships. One of these partnerships is with the ByBit cryptocurrency exchange. Under this partnership, Mantle holders will enjoy a number of benefits on ByBit. These include higher leverage when trading, higher loan durations, and the best one of all is the discount buy option.

Through the discount options, Mantle holders will have access to up to 6.89% in buy discounts. This is a big deal, especially for short-term traders looking to buy and flip tokens for profit. It is one of the factors that could trigger a surge in the number of investors looking to buy Mantle on ByBit. 

Going by the economic laws of supply and demand, this is one of those factors that could send Mantle to new highs in a short time. For context on how such of big a deal this partnership is, Mantle was recently named the only profitable top 20 cryptocurrency on a day that most of the market was in the red. This is a strong indicator that bulls are coming in and could trigger a major price rally as more investors get to understand the implications of the ByBit partnership. 

Mantle’s Commitment to Transparency Inspires Investor Confidence

Mantle is also gaining strength thanks to its commitment to transparency and reliability when it comes to data for DeFi protocols. This commitment to openness has seen Mantle now gain crucial DeFi partnerships, the latest one being with DIA, an open source protocol that is now using Mantle for verified MNT price feeds. As more of these partnerships come up, Mantle could be headed to much higher prices going into the future.

Technical Analysis – Mantle Breaches Resistance as Bulls Take Control

After a recent dip, Mantle bulls have taken control and are currently pushing the price through the $1.77 resistance. If the price closes the day above the $1.77 resistance, then a rally to prices as high as $2 could follow in the day.

MNT
Source: TradingView

However, if the Mantle ends the day below the $1.77 resistance, two scenarios could follow. The first is a possible consolidation around $1.77 resistance before a second attempt. The other is a correction tha could send Mantle to the $1.55 support. Of these two scenarios, the odds are higher that Mantle could rally to $2 due to the rising bullish momentum.

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